Correction of overassessment of real or personal property because of factual error; adjustment for partial or complete destruction of real property improvement or personal property.
1. If an overassessment of real or personal property appears upon the secured tax roll of any county because of a factual error concerning its existence, size, quantity, age, use or zoning or legal or physical restrictions on its use within 3 years after the end of the fiscal year for which the assessment was made, the county assessor shall make a report thereof to the board of county commissioners of the county.
2. The board of county commissioners shall examine the error so reported, together with any evidence presented and, if satisfied that the error is factual, shall:
(a) By an order entered in the minutes of the board, direct the county treasurer to correct the error; and
(b) Deliver a copy of the order to the county treasurer, who shall make the necessary adjustments to the tax bill and correct the secured tax roll. The adjustment may be a full refund or a credit against taxes due which may be allocated over a period no longer than 3 years.
3. Partial or complete destruction of a real property improvement or of personal property may be adjusted pro rata if the destruction occurred on or after the lien date and the property was rendered unusable or uninhabitable for a period of not less than 90 consecutive days. The adjustments may be made in the form of a credit on taxes due or a refund if taxes have been paid for the period. The county assessor shall notify the county treasurer of each adjustment. The county assessor shall report recommended adjustments to the board of county commissioners no later than June 30 of each fiscal year.
Last modified: February 27, 2006